TKO Group Holdings, Inc. (TKO) is an American

media conglomerate A media conglomerate, media company, media group, or media institution is a company that owns numerous companies involved in mass media enterprises, such as music, television, radio, publishing, motion pictures, video games, amusement parks, or ...

created by Endeavor as part of a merger between World Wrestling Entertainment, Inc. (WWE) and Zuffa, LLC, the parent company of the

Ultimate Fighting Championship The Ultimate Fighting Championship (UFC) is an American mixed martial arts (MMA) promoter (entertainment), promotion company based in Las Vegas, Nevada. It is owned and operated by TKO Group Holdings, a majority owned subsidiary of Endeavor ( ...

(UFC). Since the completion of the merger on September 12, 2023, both WWE and UFC operate as subsidiaries under the banner of TKO. The merger marked the first time that WWE has not been solely and primarily majority-controlled by the McMahon family, which founded the company and owned it for over 70 years. This marked the third time that the UFC has changed ownership as its parent company Zuffa had been sold to Endeavor in 2016. Zuffa had previously purchased the UFC from the Semaphore Entertainment Group in 2001. Endeavor chief executive officer (CEO)

Ari Emanuel Ariel Zev Parmar Emanuel (born March 29, 1961) is an American businessman and the CEO of Endeavor, an entertainment and media agency, as well as CEO and executive chairman of TKO Group Holdings, which owns the UFC and WWE. He was a founding ...

is the CEO of TKO and Mark Shapiro serves as president and chief operating officer. Nick Khan became the president of WWE post-merger and Dana White has since served as CEO of the UFC. As of 2024, the UFC and WWE were the two most valuable

combat sport A combat sport, or fighting sport, is a contact sport that usually involves one-on-one combat. In many combat sports, a contestant wins by scoring more points than the opponent, submitting the opponent with a hold, disabling the opponent (''knock ...

s organizations in the world according to ''

Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...

''. UFC was listed as the most valued

mixed martial arts Mixed martial arts (MMA) is a full-contact fighting combat sport, sport based on strike (attack), striking and grappling; incorporating techniques from various combat sports from around the world. In the early 20th century, various inter-s ...

(MMA) company with a revenue of $1.406 billion and WWE being the most valued

professional wrestling promotion A professional wrestling promotion is a company or business that regularly performs shows involving professional wrestling. "Promotion" also describes a role which entails management, advertising and logistics of running a wrestling event. Within ...

with a revenue of $1.398 billion in 2023. On February 28, 2025, TKO acquired IMG, On Location Events, and Professional Bull Riders from its parent company Endeavor. On April 19, WWE, a subsidiary of TKO, announced that it had acquired the Mexican

lucha libre ''Lucha libre'' (, meaning "freestyle wrestling" or literally translated as "free fight") is the term for the style of professional wrestling originating in Mexico. Since its introduction to Mexico in the early 20th century, it has develope ...

promotion

Lucha Libre AAA Worldwide Promociones Antonio Peña, S.A. de C.V. doing business as, d/b/a Lucha Libre AAA Worldwide (commonly referred to as simply AAA, pronounced "Triple A" – an abbreviation of its original name Asistencia, Asesoría y Administración de Espectáculos ...

Background

WWE was founded in 1953 as the

Capitol Wrestling Corporation Capitol Wrestling Corporation (CWC) was an American sports promotion company. Run by Vincent J. McMahon from the 1950s until the 1980s, the company was originally a professional wrestling and boxing promotion and later became the holding company ...

(CWC), a Northeastern

territory A territory is an area of land, sea, or space, belonging or connected to a particular country, person, or animal. In international politics, a territory is usually a geographic area which has not been granted the powers of self-government, ...

of the

National Wrestling Alliance The National Wrestling Alliance (NWA) is an American professional wrestling professional wrestling promotion, promotion and governing body owned by Billy Corgan and operated by its parent company Lightning One, Inc. Founded in 1948, the NWA be ...

(NWA). The CWC was run by Vincent J. McMahon, son of

boxing Boxing is a combat sport and martial art. Taking place in a boxing ring, it involves two people – usually wearing protective equipment, such as boxing glove, protective gloves, hand wraps, and mouthguards – throwing Punch (combat), punch ...

and

wrestling Wrestling is a martial art, combat sport, and form of entertainment that involves grappling with an opponent and striving to obtain a position of advantage through different throws or techniques, within a given ruleset. Wrestling involves di ...

promoter Jess McMahon. Following a booking dispute over CWC wrestler Buddy Rogers and the NWA World Heavyweight Championship, the CWC left the NWA and became the World Wide Wrestling Federation (WWWF) in January 1963, and, by April 25, 1963, Rogers was declared the first WWWF World Heavyweight Champion. The WWWF was renamed to the World Wrestling Federation (WWF) in 1979; the WWF made its final departure from the NWA in 1983. The current legal entity, which was originally named Titan Sports, Inc., was incorporated on February 21, 1980, in South Yarmouth, Massachusetts, but reincorporated under

Delaware General Corporation Law The Delaware General Corporation Law (sometimes abbreviated DGCL), officially the General Corporation Law of the State of Delaware (Title 8, Chapter 1 of the Delaware Code), is the statute of the Delaware Code that governs corporate law in the U ...

in 1987. Titan Sports was co-founded by

Vince McMahon Vincent Kennedy McMahon ( ; born August 24, 1945) is an American businessman and former professional wrestling promoter. McMahon, along with his later-estranged wife Linda McMahon, Linda, is a co-founder of the modern WWE, the world's largest ...

, Vincent J.'s son, and his wife Linda. It acquired Capitol Wrestling Corporation Ltd., the holding company for the WWF, in 1982. After buying the WWF, Vince McMahon expanded the promotion by overturning the NWA's territory system and holding events around the United States and the world which were televised on a global basis. Throughout the 1980s WWF begun to capitalize on the popularity of rising star

Hulk Hogan Terry Gene Bollea (; born August 11, 1953), better known by his ring name Hulk Hogan, is an American retired Professional wrestling, professional wrestler. He is signed to WWE as a brand ambassador. Known for his flamboyance and massive physiq ...

after he defeated The Iron Sheik at Madison Square Garden on January 23, 1984 to capture the WWF World Heavyweight Championship. On March 31, 1985 WWF held the first WrestleMania, which would go on to become WWF's flagship event. Initially broadcast on closed-circuit television, WrestleMania became a pay-per-view the following year, as WWF expanded its pay-per-view offerings and became known as a pioneer for the relatively new distribution format. In January 1993, WWF introduced its live, weekly episodic television show, '' Monday Night Raw''. WWF became a publicly traded company in August 1999, launching an initial public offering on the New York Stock Exchange. The company's status as the world's premier professional wrestling organization was cemented by its acquisition of the assets of

World Championship Wrestling World Championship Wrestling (WCW) was an American professional wrestling promotion founded by Ted Turner in 1988, after Turner Broadcasting System, through a subsidiary named Universal Wrestling Corporation, purchased the assets of National W ...

in 2001 following the Monday Night War. Titan Sports was renamed World Wrestling Federation Entertainment, Inc. in 1999, and then World Wrestling Entertainment, Inc. in 2002 after a legal dispute with the

World Wildlife Fund The World Wide Fund for Nature (WWF) is a Swiss-based international non-governmental organization founded in 1961 that works in the field of wilderness preservation and the reduction of human impact on the environment. It was formerly named the ...

. Since 2011, the company has branded itself solely with the initials WWE, though the legal name did not change at the time. WWE's majority owner was its executive chairman, third-generation wrestling promoter Vince McMahon, who retained a 38.6% ownership of the company's outstanding stock and 81.1% of the voting power before the merger. The closure of the merger saw McMahon's voting power and stock ownership dramatically decrease. The

(UFC), initially under the ownership of the Semaphore Entertainment Group, was founded by American businessman Art Davie and Brazilian martial artist Rorion Gracie with their partners in WOW Promotions. The first UFC event was held in November 12, 1993 at the McNichols Sports Arena in

Denver Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...

, Colorado. The purpose of the early ultimate fighting competitions was to identify the most effective martial art in a contest with minimal rules and no weight classes between competitors of different fighting disciplines. In subsequent events, more rigorous rules were created and fighters began adopting effective techniques from more than one discipline, which indirectly helped create a separate style of fighting known as present-day

(MMA). In April 1995, following UFC 5, Davie and Gracie sold their remaining interest in the UFC to the Semaphore Entertainment Group and disbanded WOW Promotions. Six years later in 2001, Zuffa, a sports promotion company headed by Frank and Lorenzo Fertitta, purchased the UFC from the Semaphore Entertainment Group. Zuffa's ownership led to a growth period for the company and the sport of MMA in general; the UFC's global leadership in the sport led to Zuffa buying the assets of the Pride Fighting Championships in 2007 and the Strikeforce promotion in 2011 (among other MMA promotions). In 2016, Zuffa was sold to a group led by Endeavor, then known as William Morris Endeavor (WME–IMG), including Silver Lake Partners,

Kohlberg Kravis Roberts KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private-equity and investment company. , the firm had completed private-equity investments in portfolio companies with approximately $710 billion of total ...

and MSD Capital for US$4.025 billion. In 2017, WME–IMG changed its holding name to Endeavor and four years later, in 2021, Endeavor bought out Zuffa's other owners at a valuation of $1.7 billion.

History

WWE's preparations for a sale

On June 17, 2022, amid allegations of misconduct,

stepped down as the chairman and CEO of WWE, leaving the company to his daughter, Stephanie McMahon, and Nick Khan. In January 2023, Vince stated his intention to return to WWE ahead of media rights negotiations. WWE's media rights with Fox and

USA Network USA Network (or simply USA) is an American basic cable television channel owned by the NBCUniversal Media Group division of Comcast's NBCUniversal. It was launched in 1977 as Madison Square Garden Sports Network, one of the first national sports ...

were set to expire in 2024. That same month, JPMorgan were hired to handle a possible sale of the company, with rumored suitors having included

Comcast Comcast Corporation, formerly known as Comcast Holdings,Before the AT&T Broadband, AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation, not th ...

and

Fox Corporation Fox Corporation (commonly referred to as Fox Corp or simply Fox) is an American multinational mass media company headquartered at 1211 Avenue of the Americas, 1211 Avenue of the Americas in Midtown Manhattan, with offices also in Burbank, Cali ...

(owners of WWE's broadcast partners USA Network and Fox),

The Walt Disney Company The Walt Disney Company, commonly referred to as simply Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was founded on October 16 ...

(owners of

ESPN ESPN (an initialism of their original name, which was the Entertainment and Sports Programming Network) is an American international basic cable sports channel owned by the Walt Disney Company (80% and operational control) and Hearst Commu ...

), Warner Bros. Discovery (media partners of

All Elite Wrestling All Elite Wrestling (AEW) is an American professional wrestling promotion headquartered in Jacksonville, Florida. It is owned and operated by Shahid Khan, Shahid and Tony Khan, with the latter serving as President (corporate title), president an ...

Netflix Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres, and it is available internationally in multiple lang ...

Amazon Amazon most often refers to: * Amazon River, in South America * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon (company), an American multinational technology company * Amazons, a tribe of female warriors in Greek myth ...

, Endeavor (WWE had an existing business relationship with its subsidiary Endeavor Streaming, which took over the technical operations of its streaming service

WWE Network WWE Network is a subscription video on-demand over-the-top streaming service and digital television network owned by the American professional wrestling promotion WWE, a division of TKO Group Holdings. The service relied on technology develo ...

in 2019), Liberty Media, Creative Artists Agency, and Saudi Arabia's Public Investment Fund (WWE has a long-term agreement with Saudi Arabia's Ministry of Sport to promote events in the country). On January 10, 2023, Stephanie McMahon resigned as WWE's chairwoman and co-CEO, after which Vince McMahon assumed the role of executive chairman of WWE while Nick Khan became the sole CEO.

Formation

In September 2023, Endeavor Group Holdings, UFC and WWE formed a new publicly traded company, TKO Group Holdings, Inc. The new entity went public on September 12, 2023 and is listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

(NYSE) under the

symbol A symbol is a mark, Sign (semiotics), sign, or word that indicates, signifies, or is understood as representing an idea, physical object, object, or wikt:relationship, relationship. Symbols allow people to go beyond what is known or seen by cr ...

" TKO". At the close of the deal, Endeavor held a 51% stake in TKO Group Holdings, with WWE's shareholders having a 49% stake, valuing WWE at $9.3 billion. This marked the first time that WWE had not been majority-controlled by members of the McMahon family. Endeavor CEO

became CEO of TKO and Mark Shapiro became president and chief operating officer, with each maintaining their respective roles at Endeavor. UFC and WWE continued to operate as separate divisions under TKO, with Dana White as CEO of the UFC and Nick Khan serving as president of WWE post-merger. WWE's head of creative Paul Levesque remained in his role. When the merger was first announced in April 2023, Emanuel stated that it would "bring together two leading pureplay sports and entertainment companies" and provide "significant operating synergies". McMahon stated that "family businesses have to evolve for all the right reasons", and that "given the incredible work that Ari and Endeavor have done to grow the UFC brand — nearly doubling its revenue over the past seven years — and the immense success we've already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders." The merger closed on September 12, 2023; with Vince McMahon personally owning approximately one-third of the Class A Common Stock of TKO Group Holdings, Inc. The first television show produced under the TKO banner was the September 12 episode of '' WWE NXT''. Following the merger, Dana White was made CEO of UFC. In January 2024, a lawsuit was filed by Janel Grant, a former employee at WWE headquarters between 2019 and 2022 against WWE as well as TKO (by proxy of ownership). Grant alleged that the then current TKO Executive Chairman Vince McMahon, had coerced her into a sexual relationship, and, along with WWE executive John Laurinaitis and a WWE wrestler who was also a former UFC fighter, sexually trafficked her and repeatedly sexually assaulted her between 2020–2021. Grant alleged that she was subjected to "extreme cruelty and degradation" by McMahon, including being defecated upon during a sexual encounter. Grant stated that McMahon had agreed to pay her $3 million in 2022 in return for a NDA, but stopped paying after only $1 million had been paid following the initial public emergence of the sexual misconduct allegations the same year. Federal prosecutors have subpoenaed McMahon, and have taken up the filing in question. One day after the report – on January 26, 2024 – Vince McMahon resigned from TKO. In a statement, McMahon said the decision was made "out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees".

Further investments and acquisitions

In July 2024, TKO Group announced an investment in EverPass Media, an NFL-backed distributor of streaming pay television content to commercial establishments. Shapiro joined the company's board of directors. On October 23, 2024, it was announced that TKO Group would acquire several businesses from Endeavor, including sports and event management firm IMG (aside from "businesses associated with the IMG brand in licensing, models, and tennis representation, nor IMG's full events portfolio"), On Location Experiences (a luxury hospitality agency focused on major sporting events), and Professional Bull Riders (PBR), for $3.25 billion in an all-stock deal expected to close in 2025. Shapiro stated that Silver Lake Partners had requested the divestment of certain Endeavor assets as part of its planned buyout of the company, and that Endeavor had approached TKO Group with an offer. He explained that TKO was interested in league ownership and "businesses that can power our current sports ecosystem", while the company stated that it would " xpandTKO's operational footprint in the fast-growing premium sports market and enables direct participation in the upside from partner leagues and events." Under the terms of the deal, Endeavor will own 59% of TKO and the remaining shareholders will control the other 41%. The sale was officially completed on February 28, 2025. To promote the acquisition, TKO staged a series of consecutive PBR, UFC, and WWE events billed as "TKO Takeover" on April 24, 26, and 28, at T-Mobile Center in Kansas City, consisting of a PBR team knockout event, a UFC on ESPN card, and '' WWE Raw'' respectively. On March 5, 2025, TKO announced a partnership with Turki Al-Sheikh, the chairman of the Saudi General Entertainment Authority, and Saudi entertainment conglomerate Sela to launch a new boxing promotion in 2026. On April 19, 2025, it was announced that via WWE, TKO would acquire the Mexican

promotion

in a joint venture with Fillip, a Mexican sports and entertainment company. The sale is expected to close in the third quarter of 2025, with TKO holding a 51% controlling stake. On June 6, 2025, TKO announced the creation of UFC Brazilian Jiu-Jitsu (UFC BJJ), a sister company to the UFC based on

submission grappling Submission wrestling, also known as submission grappling, submission fighting, or simply grappling, is a martial art and combat sport that focuses on ground fighting and submission techniques. It is a hybrid discipline that incorporates eleme ...

. UFC BJJ was described by the UFC as "the world’s new premier Brazilian Jiu-Jitsu live event series".

Ownership

As of June 2025, the ownership structure of TKO Group Holdings consists of: * Endeavor (via Silver Lake) – 61.72% *WWE shareholders – 38.28% **''Various stockholders'' – 24.65% ** McMahon family – 4.52% ***

– 3.25% *** Stephanie McMahon – 0.98% *** Linda McMahon – 0.29% ** The Vanguard Group – 4.03% ** State Street Corporation – 2.54% **

BlackRock BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...

– 2.20% **

Dwayne Johnson Dwayne Douglas Johnson (born May 2, 1972), also known by his ring name The Rock, is an American actor and professional wrestler. He is signed to WWE, where he performs on a part-time basis. Widely regarded as one of the greatest professional w ...

– 0.17% ** Nick Khan – 0.11% **Andrew Schleimer – 0.04% ** Jonathan Kraft ( Kraft Group) – 0.02%

Corporate governance

The board of directors of TKO Group Holdings initially consisted of eleven members. On January 23, 2024, the TKO board of directors would be increased from eleven members to thirteen members. Following this, WWE underwent some changes, which included broadcast deals with different partners (including

) and giving up ownership of Dwayne Johnson's trademarked name "The Rock" to Johnson, who would also join TKO's board of directors. The board of directors shrunk to twelve members on January 26, 2024 after board of directors member and Executive Chairman

resigned from TKO following sex trafficking and sexual assault allegations involving a former WWE employee. The board of directors of TKO Group Holdings currently consists of these twelve members:

Assets

* World Wrestling Entertainment (WWE) **

(''51% with Fillip Holdings)'' ** Tapout (''50% with Authentic'') **Real American Beer (''minority owner'') **TSI Realty Services, Inc. **WWE Jet Services Inc. ** WCW Inc. ** WWE Books **

WWE Music Group WWE Music Publishing, Inc., trade name WWE Music Group, is an American record label funded and operated by WWE, a division of TKO Group Holdings, a majority-owned subsidiary of Endeavor Group Holdings. It was manufactured and co-marketed by C ...

WWE Performance Center WWE Performance Center (WWE PC) is a group of professional wrestling schools owned by American company WWE. They serve as tryout and training facilities for WWE, and also contain sports science and medical facilities as well as live events and ...

** WWE Recruit **

WWE Studios WWE Studios Inc. (formerly known as WWE Films) is an American film studio owned by the professional wrestling promotion WWE, a division of TKO Group Holdings, a majority-owned subsidiary of Endeavor (company), Endeavor Group Holdings. WWE Studios ...

** WWE Legacy Department *** American Wrestling Association **** Minneapolis Boxing & Wrestling Club *** Central States Wrestling (''select footage'') **** Midwest Wrestling Association ***

Championship Wrestling from Florida Championship Wrestling from Florida (CWF) was the corporate and brand name of the Tampa, Florida professional wrestling promotion, wrestling office existing from 1961, when Eddie Graham first bought into the promotion, until 1987, when it close ...

*** Championship Wrestling from Georgia *** Deep South Wrestling (''select footage'') *** Dragon Gate USA *** Evolve ***

Extreme Championship Wrestling Extreme Championship Wrestling (ECW) was an American professional wrestling promotion that was based in Philadelphia, Pennsylvania, and operated by its parent company HHG Corporation. The promotion was founded in 1992 by Tod Gordon as Nationa ...

**** Eastern Championship Wrestling ***

Florida Championship Wrestling Florida Championship Wrestling (FCW) was a professional wrestling professional wrestling promotion, promotion based on the former National Wrestling Alliance member promotion, Championship Wrestling from Florida, which operated from 1961 until ...

***

Georgia Championship Wrestling Georgia Championship Wrestling is an American professional wrestling promotion based in Atlanta, Georgia (U.S. state), Georgia. The promotion was affiliated with what had been the world's top sanctioning body of championship titles for decades b ...

(''select footage'') *** Global Wrestling Federation *** Heartland Wrestling Association (''select footage'') *** International Championship Wrestling *** Jim Crockett Promotions **** Eastern States Championship Wrestling **** Mid-Atlantic Championship Wrestling ***

Maple Leaf Wrestling Maple Leaf Wrestling was the unofficial name of a Canadian professional wrestling promotion owned by Frank Tunney and based in Toronto, Ontario, Canada during the 1970s and 1980s. Founded in 1930, Maple Leaf was a territory of the National Wrestli ...

**** Queensbury Athletic Club *** Memphis Championship Wrestling ***

Ohio Valley Wrestling Ohio Valley Wrestling (OVW) is an American professional wrestling promotion, professional wrestling promotion and former developmental territory based in Louisville, Kentucky. The company is currently run by Al Snow, Matt Jones (radio host), Ma ...

(''select footage'') *** Smoky Mountain Wrestling *** Stampede Wrestling (''select footage'') **** Big Time Wrestling **** Klondike Wrestling **** Wildcat Wrestling *** St. Louis Wrestling Club *** Ultimate Pro Wrestling *** Universal Wrestling Federation ****

Mid-South Wrestling The Universal Wrestling Federation was a 1986 re-branding of wrestler-turned-owner Bill Watts' Mid-South Wrestling promotion. Watts' goal was to elevate his promotion from a relatively smaller, regional-level business, to a national-level riv ...

**** NWA Tri-State *** World Class Championship Wrestling (''select footage'') **** NWA Big Time Wrestling **** World Class Wrestling Association ***

***

World Wrestling Council The World Wrestling Council (WWC; Spanish: "Consejo Mundial de Lucha") is a professional wrestling promotion based in Puerto Rico. It was originally established as Capitol Sports Promotions in 1973 by Carlos Colón, Victor Jovica, and Goril ...

(''select footage'') **** Capitol Sports Promotions * Ultimate Fighting Championship (UFC) ** UFC Apex **UFC Brazilian Jiu-Jitsu ** UFC Fight Pass **UFC Gym ***UFC Fit ** UFC Performance Institute ***UFC Performance Institute Shanghai ***UFC Performance Institute Mexico City **UFC Store ** Zuffa (''assets'') *** Pride Fighting Championships *** Strikeforce *** World Extreme Cagefighting *** World Fighting Alliance * Professional Bull Riders (PBR) **

American Bucking Bull American Bucking Bull, Inc. (ABBI) is an organization dedicated to the registration of bucking bulls and establishing the American Bucking Bull as a documented breed of cattle. American Bucking Bull, Inc., is owned by the Professional Bull Ri ...

**PBR Cowboy Bar * IMG **Various IMG assets *On Location Events *Unnamed boxing promotion (''launching in 2026'')

Notes

References

External links

* {{authority control, state=expanded 2023 establishments in New York City American companies established in 2023 Companies listed on the New York Stock Exchange Mass media companies established in 2023